The year of the Dragon is considered to be the luckiest of the Chinese lunar years, with many couples rushing to marry or have a child during this auspicious time. But the does the year also herald a home furnishing boom?
International Business Machines is forecasting a surge in demand for home furnishings in the second quarter of this year. Its forecast calls for in-store sales of home furnishings to rise nearly 8 percent to $23.22 billion and online sales to surge 28.4 percent. Combined, the home furnishings market should grow 16.6 percent in the second quarter.
Among the reasons cited is the effect of the Chinese Year of the Dragon, which began on Feb. 4.
One factor is the desire to wed or have a child during this time, said Jill Puleri, global retail leader for IBM Global Business Services. These life-changing events often correspond with purchases of new homes and furniture.
For doubters, the last Year of the Dragon, which occurred 12 years ago, was a banner year for sales of home goods. Growth that year ranked the third highest in a 21-year period, according to John Squire, director of digital marketing and analytics.
There are a number of other factors, less reliant on lunar calendars, however, that should support this emerging trend.Page 1 of 3 | Next Page